Daily Capital

Is Lifestyle Equality More Important Than Income Inequality?

Income inequality has generated a tremendous amount of heated debate in recent times. Occupy Wall Street is probably the most publicized of public outcries on the matter. There’s certainly no arguing the income gap has grown, but many forget an important fact: due to technology and health care improvements, the actual standard of living has risen for almost all segments of the economy. Flat screen televisions, computers, cell phones – once considered high-ticket items – have now infiltrated all economic classes. While the ultra-wealthy may be even wealthier, so are the rest of us.

The Rise of Consumption Equality

It used to be so cool to be wealthy—an elite education, exclusive mobile communications, a private screening room, a table at Annabel’s on London’s Berkeley Square. Now it’s hard to swing a cat without hitting yet another diatribe against income inequality. People sleep in tents to protest that others are too damn wealthy. Yes, some people have more than others. Yet as far as millionaires and billionaires are concerned, they’re experiencing a horrifying revolution: consumption equality. For the most part, the wealthy bust their tail, work 60-80 hour weeks building some game-changing product for the mass market, but at the end of the day they can’t enjoy much that the middle class doesn’t also enjoy. Where’s the fairness? What does Google founder Larry Page have that you don’t have?

Read more at The Wall Street Journal.

Want a clear view of your retirement?

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Daily Capital
We at Personal Capital have one goal in mind: to build a better money management experience for consumers. That’s why we’re blending cutting edge technology with objective financial advice. We believe this is the best way to empower individuals and their money. Subscribe to our blog and join our empowered financial community.
Icon Close

To learn what personal information Personal Capital collects, please see our privacy policy for details.